Milford, NJ Solar PV Pro Forma

Rutgers University Milford Renewable Energy Feasibility Studio - Fall 2010

December 15,2010

Contents:

Definitions and Notes

Inputs and Outputs Input/Output fields
ProForma Annual cash flows

Color Scheme:

User Inputs
Outputs and Calculations
Input/Output Block

Adapted from Solar PV Pricing Pro Forma, prepared by:

Energy and Environmental Economics, Inc.

101 Montgomery Street, Suite 1600
San Francisco, CA 94104
phone: 415-391-5100
August 1, 2010
Original File can be found at : www.ethree.com/.../LTPP/LTPP%20Solar%20Pricing%20Pro%20Forma.xls
%20Forma.xls
Definitions and Notes
System Design
System Cost ($/watt DC) Includes all costs related to the installation of a solar PV system, including purc
System Size (DC) (MW) Derived using PVWATTS and refers to the capacity of the PV system being asse
Initial debt service reserve funding (DSRF) Capital dedicated to servicing debt
Total System Cost System cost * System size + Initial DSRF

Performance Inputs
DC Capacity Factor Ratio of the actual output of a power plant over a period of time and its outpu
Degradation Factor Assumed rate of solar panel output degredation over time (per year)
System lifetime (Years) = Lease Term
Annual Output for Year 1 (MWh) DC Capacity Factor * System Size

Other
O&M Costs ($/kW) Operation and maintenance costs
O&M Costs Escalator (%/yr)
Inverter replacement cost ($/W)
Inverter replacement time (Years)
Inverter Replacement Cost over time
Annual inverter amount to reserve
Insurance Expense ($/kW)
Insurance Escalator (%/yr)
SREC Value/MW Solar Renewable Energy Certificate sale price / mega watt. Note: This is the m
SREC Decelerator
Land Lease/Year Particular to the Boro Farm site in Milford. A lease arrangment is not typical fo
Lease Escalator
Wholesale Price of Electricity
Electricity Escalator

Tax Assumptions
Federal Tax Rate
State Tax Rate
Effective Tax Rate
Investment Tax Credit Rate (ITC) Federal incentive for solar investments currently allow for a tax credit of 30% o
Basis Reduction (50% of ITC)
MACRS Term Modified Accelerated Cost Recovery System (MACRS) is the current tax deprec

Financing
% Financed w/ equity
% Financed w/ debt
Debt Interest rate
Debt period in years
Discount Rate
Weighted Average Cost of Capital The weighted average cost of capital (WACC) is the rate that a company is expe
Interest Rate on DSRF
Equity Amount
Debt Amount
r PV system, including purchase of panels, transportation, installation, consulting fees, etc. For the purposes of this study, the cost of land a
f the PV system being assessed

eriod of time and its output if it had operated at full nameplate capacity the entire time (Wikipedia)
er time (per year)

a watt. Note: This is the major driver of the financial viability of a solar project in New Jersey. The SREC is designed to decline in value ove

arrangment is not typical for a solar project. This figure will be determined through negotiations and driven largely by the real-estate marke

ow for a tax credit of 30% of the system cost

S) is the current tax depreciation system in the United States where the capitalized cost of tangible property is recovered over a specified lif
ate that a company is expected to pay on average to all its security holders to finance its assets (Wikipedia)
es of this study, the cost of land acquisition has been removed.

designed to decline in value over time under the assumption that solar energy production will become more cost competitive over time.

n largely by the real-estate market in the region, i.e., the cost of acquiring land elsewhere.

y is recovered over a specified life by annual deductions for depreciation. (Wikipedia).

ore cost competitive over time.
 User Inputs Outputs (Do Not Change)
System Design
System Cost ($/watt DC) $3.75 Initial debt service reserve funding
System Size (DC) (MW) 6.66 Total System Cost

Performance Inputs
DC Capacity Factor 13.5% Annual Output for Year 1 (MWh)
Degradation Factor 0.75%
System lifetime (Years) = Lease Term 25

Other
O&M Costs ($/kW) $20.00 10yr inverter replacement cost
O&M Costs Escalator (%/yr) 2.00% Annual inverter amount to reserve
Inverter replacement cost ($/W) $0.25
Inverter replacement time (Years) 10.0
Insurance Expense ($/kW) $20.00
Insurance Escalator (%/yr) 2.00%
SREC Value/MW $200
SREC Decelerator 2.00%
Land Lease/Year $120,000
Lease Escalator 2.0%
Wholesale Price of Electricity $0.06
Electricity Escalator 2.5%

Tax Assumptions
Federal Tax Rate 35.00% Effective Tax Rate
State Tax Rate 9.00% Basis Reduction (50% of ITC)
Investment Tax Credit Rate 30%
MACRS Term 5

Financing
% Financed w/ equity 80% % Financed w/ debt
Debt Interest rate 11.0% Interest Rate on DSRF
Debt period in years 15 Equity Amount
Discount Rate 10.00% Debt Amount
Weighted Average Cost of Capital 8.25%
o Not Change)
Fiscal Viability Measures
$694,631 Net Present Value $5,562,357
$25,669,631 Internal Rate of Return 19%

7,847 Annual Cash Flow

$15,000,000

Cash Flow ($)

$1,665,000
$10,000,000
$166,500

$5,000,000

$0

($5,000,000)

($10,000,000)

($15,000,000)

($20,000,000)
40.85%
15% ($25,000,000)
0 2 4 6 8 10 12 14 16 18 20 22

Year

20%
5.5%
$20,535,705
$5,133,926
ual Cash Flow

0 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40

Year
Rutgers University Renewable Energy Studio

Milford Solar Energy Pro Forma

(in actual dollars)

System Design
System Cost ($/watt DC) $3.75
System Size (DC) (MW) 6.66
Initial debt service reserve funding $694,631
Total System Cost $25,669,631

Performance Inputs
DC Capacity Factor 13.5%
Annual Output for Year 1 (MWh) 7,847
Degradation Factor 0.75%
System lifetime (in Years) = Lease Term 25

Other
O&M Costs ($/kW) $20.00
O&M Costs Escalator (%/yr) 2.00%
Inverter replacement cost ($/W) $0.25
10yr inverter replacement cost $1,665,000
Annual inverter amount to reserve $166,500
Inverter replacement time (in Years) 10.0
Insurance Expense ($/kW) $20.00
Insurance Escalator (%/yr) 2.00%
SREC Value/MW $200
SREC Decelerator 2.00%
Land Lease/Year $120,000
Lease Escalator 2.0%
Wholesale Price of Electricity $0.06
Electricity Escalator 2.5%

Year 0

Energy Production (MWh)

Wholesale Price of Electricity (MWh)

SREC Income
Operating Revenue
Total Revenue

O&M Costs
Inverter Replacement Cost
Insurance Costs
Land Lease
Total Costs

Operating Profit

Interest Expense
Loan Repayment Expense (Principal)
Debt Service Reserve
Interest earned on DSRF
Net Finance Costs

State tax refund/(paid)

Federal tax refund (paid)
Taxes Saved/(Paid)

Equity Investment ($20,535,705)

After-Tax Equity Cash Flow ($20,535,705)

Net Present Value

Taxes 0
New Jersey
Taxable operating income
Depreciation schedule (assumes LLP entity)
Depreciation Basis $24,975,000
Depreciation
Interest
Taxable income
Tax refund/(paid) 9.00%

Federal
Taxable operating income
Depreciation schedule
Depreciation basis $21,228,750
Depreciation
Interest
State taxes rebate/(paid)
Taxable income
Tax refund/(paid) 35.00%
Investment tax credit
Total tax refund/(paid)
Debt Schedule 0
Debt Term Flag
Beginning Balance
Debt Service
Interest

Principal
Ending Balance $5,133,926

Inverter Replacement Fund 0

Beginning Balance
Initial Funding $0
Withdrawal $0
Final Operations Year Withdrawal
Ending Balance $0
Interest Rate 5.50%
Net Cash Flow $0

DSCR 0
Cash Flow Available for Debt Service (CFADS)
Debt Service Coverage Ratio (DSCR)
Average of DSCRs 1.72
CFADS / DS 1.72
Target DSCR 1.40

Debt Service Fund 0

Beginning Balance
Initial Funding $694,631
Withdrawal $0
Ending Balance $694,631
Interest Rate 5.50%
Earned Interest $0

Check: CFADS yields sufficient coverage

Sum of Debt Service $10,709,260
Target DSCR 1.40
Total CFADS required $14,992,964
CFADS over debt term $18,385,258
Net $3,392,294

MACRS Schedule Term

0
3
 5
7
10
15
20
5 + Bonus

SREC Schedule Term

Fixed Cost
SRECS Generated
SREC Income
 Source: http://www.ethree.com/documents/LTPP/[LTPP Solar Pricing Pro Forma.xls

Tax Assumptions
Federal Tax Rate 35.00%
State Tax Rate 9.00%
Effective Tax Rate 40.85%
Investment Tax Credit Rate 30%
Basis Reduction (50% of ITC) 15%
MACRS Term 5

Financing
% Financed w/ equity 80%
% Financed w/ debt 20%
Debt Interest rate 11.0%
Debt period in years 15
Discount Rate 10.00%
Weighted Average Cost of Capital 8.25%
Interest Rate on DSRF 5.5%

Equity Amount $20,535,705

Debt Amount $5,133,926

1 2 3 4 5

7,847 7,788 7,730 7,672 7,614

$60.0000 $61.5000 $63.0375 $64.6134 $66.2288

$1,569,389 $1,495,937 $1,455,023 $1,415,228 $1,376,522
$470,817 $478,968 $487,260 $495,696 $504,277
$2,040,206 $1,974,905 $1,942,283 $1,910,924 $1,880,799

($135,864) ($138,581) ($141,353) ($144,180) ($147,064)

($166,500) ($157,343) ($148,185) ($139,028) ($129,870)
 ($135,864) ($138,581) ($141,353) ($144,180) ($147,064)
($120,000) ($122,400) ($124,848) ($127,345) ($129,892)
($558,228) ($556,905) ($555,739) ($554,732) ($553,889)

$1,481,978 $1,418,000 $1,386,544 $1,356,191 $1,326,910

($564,732) ($548,318) ($530,098) ($509,874) ($487,426)

($149,219) ($165,633) ($183,852) ($204,076) ($226,525)
$0 $0 $0 $0 $0
$38,205 $38,205 $38,205 $38,205 $38,205
($675,746) ($675,746) ($675,746) ($675,746) ($675,746)

$363,559 $637,570 $351,049 $179,334 $179,949

$8,725,248 $1,836,710 $990,577 $483,594 $485,770
$9,088,808 $2,474,280 $1,341,626 $662,928 $665,719

$11,464,429 $4,712,471 $3,507,448 $2,758,601 $2,693,405

1 2 3 4 5

$1,520,182 $1,456,204 $1,424,749 $1,394,396 $1,365,115

20.00% 32.00% 19.20% 11.52% 11.52%

$4,995,000 $7,992,000 $4,795,200 $2,877,120 $2,877,120

($564,732) ($548,318) ($530,098) ($509,874) ($487,426)
($4,039,549) ($7,084,114) ($3,900,549) ($1,992,598) ($1,999,431)
$363,559 $637,570 $351,049 $179,334 $179,949

$1,520,182 $1,456,204 $1,424,749 $1,394,396 $1,365,115

20.00% 32.00% 19.20% 11.52% 11.52%

$4,245,750 $6,793,200 $4,075,920 $2,445,552 $2,445,552

($564,732) ($548,318) ($530,098) ($509,874) ($487,426)
$363,559 $637,570 $351,049 $179,334 $179,949
($2,926,740) ($5,247,743) ($2,830,220) ($1,381,697) ($1,387,915)
$1,024,359 $1,836,710 $990,577 $483,594 $485,770
$7,700,889
$9,088,808 $2,474,280 $1,341,626 $662,928 $665,719
1 2 3 4 5
1 1 1 1 1
$5,133,926 $4,984,707 $4,819,075 $4,635,222 $4,431,146
$713,951 $713,951 $713,951 $713,951 $713,951
$564,732 $548,318 $530,098 $509,874 $487,426

$149,219 $165,633 $183,852 $204,076 $226,525

$4,984,707 $4,819,075 $4,635,222 $4,431,146 $4,204,621

1 2 3 4 5
$0 $166,500 $333,000 $499,500 $666,000
$166,500 $166,500 $166,500 $166,500 $166,500
- - - - -
- - - - -
$166,500 $333,000 $499,500 $666,000 $832,500

($166,500) ($157,343) ($148,185) ($139,028) ($129,870)

1 2 3 4 5
$1,481,978 $1,418,000 $1,386,544 $1,356,191 $1,326,910
2.08 1.99 1.94 1.90 1.86

1 2 3 4 5
$694,631 $694,631 $694,631 $694,631 $694,631
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$694,631 $694,631 $694,631 $694,631 $694,631

$38,205 $38,205 $38,205 $38,205 $38,205

1 2 3 4 5

33.33% 44.45% 14.81% 7.41%

 20.00% 32.00% 19.20% 11.52% 11.52%
14.29% 24.49% 17.49% 12.49% 8.93%
10.00% 18.00% 14.40% 11.52% 9.22%
5.00% 9.50% 8.55% 7.70% 6.93%
3.75% 7.22% 6.68% 6.18% 5.71%
60.0% 16.00% 9.60% 5.76% 5.76%

1 2 3 4 5
$200.00 $192 $188 $184 $181
7,847 7,788 7,730 7,672 7,614
$1,569,389 $1,495,937 $1,455,023 $1,415,228 $1,376,522
 Output

NPV $5,562,357
IRR 19%

6 7 8 9 10

7,557 7,500 7,444 7,388 7,333

$67.8845 $69.5816 $71.3211 $73.1042 $74.9318

$1,338,874 $1,302,256 $1,266,639 $1,231,996 $1,198,301
$513,008 $521,889 $530,924 $540,116 $549,467
$1,851,881 $1,824,145 $1,797,563 $1,772,112 $1,747,768

($150,005) ($153,005) ($156,065) ($159,186) ($162,370)

($120,713) ($111,555) ($102,398) ($93,240) ($84,083)
 ($150,005) ($153,005) ($156,065) ($159,186) ($162,370)
($132,490) ($135,139) ($137,842) ($140,599) ($143,411)
($553,212) ($552,704) ($552,370) ($552,212) ($552,234)

$1,298,670 $1,271,440 $1,245,193 $1,219,900 $1,195,534

($462,508) ($434,850) ($404,149) ($370,070) ($332,243)

($251,442) ($279,101) ($309,802) ($343,880) ($381,707)
$0 $0 $0 $0 $0
$38,205 $38,205 $38,205 $38,205 $38,205
($675,746) ($675,746) ($675,746) ($675,746) ($675,746)

$50,777 ($78,732) ($79,132) ($79,923) ($81,135)

$104,171 ($278,622) ($280,041) ($282,839) ($287,126)
$154,949 ($357,354) ($359,173) ($362,762) ($368,261)

$2,116,746 $1,540,596 $1,476,913 $1,413,389 $1,349,829

6 7 8 9 10

$1,336,874 $1,309,645 $1,283,398 $1,258,105 $1,233,739

5.76%

$1,438,560 $0 $0 $0 $0
($462,508) ($434,850) ($404,149) ($370,070) ($332,243)
($564,194) $874,795 $879,249 $888,035 $901,495
$50,777 ($78,732) ($79,132) ($79,923) ($81,135)

$1,336,874 $1,309,645 $1,283,398 $1,258,105 $1,233,739

5.76%

$1,222,776 $0 $0 $0 $0
($462,508) ($434,850) ($404,149) ($370,070) ($332,243)
$50,777 ($78,732) ($79,132) ($79,923) ($81,135)
($297,633) $796,064 $800,117 $808,112 $820,361
$104,171 ($278,622) ($280,041) ($282,839) ($287,126)

$154,949 ($357,354) ($359,173) ($362,762) ($368,261)

 6 7 8 9 10
1 1 1 1 1
$4,204,621 $3,953,179 $3,674,078 $3,364,276 $3,020,395
$713,951 $713,951 $713,951 $713,951 $713,951
$462,508 $434,850 $404,149 $370,070 $332,243

$251,442 $279,101 $309,802 $343,880 $381,707

$3,953,179 $3,674,078 $3,364,276 $3,020,395 $2,638,688

6 7 8 9 10
$832,500 $999,000 $1,165,500 $1,332,000 $1,498,500
$166,500 $166,500 $166,500 $166,500 $166,500
- - - - (1,665,000)
- - - - -
$999,000 $1,165,500 $1,332,000 $1,498,500 $0

($120,713) ($111,555) ($102,398) ($93,240) ($84,083)

6 7 8 9 10
$1,298,670 $1,271,440 $1,245,193 $1,219,900 $1,195,534
1.82 1.78 1.74 1.71 1.67

6 7 8 9 10
$694,631 $694,631 $694,631 $694,631 $694,631
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$694,631 $694,631 $694,631 $694,631 $694,631

$38,205 $38,205 $38,205 $38,205 $38,205

6 7 8 9 10
 5.76%
8.92% 8.93% 4.46%
7.37% 6.55% 6.55% 6.56% 6.55%
6.23% 5.90% 5.90% 5.91% 5.90%
5.29% 4.89% 4.52% 4.46% 4.46%
2.88%

6 7 8 9 10
$177 $174 $170 $167 $163
7,557 7,500 7,444 7,388 7,333
$1,338,874 $1,302,256 $1,266,639 $1,231,996 $1,198,301
 Annual Cash Flow

$15,000,000
Cash Flow ($)

$10,000,000

$5,000,000

$0

($5,000,000)

($10,000,000)

($15,000,000)

($20,000,000)

($25,000,000)
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38

Year

11 12 13 14 15 16

7,278 7,223 7,169 7,115 7,062 7,009

$76.8051 $78.7252 $80.6933 $82.7107 $84.7784 $86.8979

$1,165,528 $1,133,651 $1,102,645 $1,072,488 $1,043,155 $0
$558,979 $568,657 $578,501 $588,517 $598,705 $609,071
$1,724,507 $1,702,307 $1,681,147 $1,661,005 $1,641,861 $609,071

($165,617) ($168,930) ($172,308) ($175,755) ($179,270) ($182,855)

($166,500) ($157,343) ($148,185) ($139,028) ($129,870) ($120,713)
 ($165,617) ($168,930) ($172,308) ($175,755) ($179,270) ($182,855)
($146,279) ($149,205) ($152,189) ($155,233) ($158,337) ($161,504)
($644,014) ($644,407) ($644,991) ($645,769) ($646,747) ($647,927)

$1,080,493 $1,057,900 $1,036,156 $1,015,235 $995,114 ($38,856)

($290,256) ($243,649) ($191,916) ($134,492) ($70,752) $0

($423,695) ($470,301) ($522,035) ($579,458) ($643,199) $0
$0 $0 $0 $0 $694,631 $0
$38,205 $38,205 $38,205 $38,205 $38,205 $0
($675,746) ($675,746) ($675,746) ($675,746) $18,885 $0

($74,560) ($76,721) ($79,420) ($82,705) ($86,631) $3,497

($263,859) ($271,507) ($281,059) ($292,685) ($306,578) $12,376
($338,418) ($348,228) ($360,479) ($375,390) ($393,209) $15,873

$1,231,856 $1,167,577 $1,102,576 $1,036,587 $1,663,946 ($22,983)

11 12 13 14 15 16

$1,118,697 $1,096,105 $1,074,360 $1,053,440 $1,033,319 ($38,856)

$0 $0 $0 $0 $0 $0
($290,256) ($243,649) ($191,916) ($134,492) ($70,752) $0
$828,442 $852,456 $882,444 $918,948 $962,567 ($38,856)
($74,560) ($76,721) ($79,420) ($82,705) ($86,631) $3,497

$1,118,697 $1,096,105 $1,074,360 $1,053,440 $1,033,319 ($38,856)

$0 $0 $0 $0 $0 $0
($290,256) ($243,649) ($191,916) ($134,492) ($70,752) $0
($74,560) ($76,721) ($79,420) ($82,705) ($86,631) $3,497
$753,882 $775,735 $803,024 $836,242 $875,936 ($35,359)
($263,859) ($271,507) ($281,059) ($292,685) ($306,578) $12,376

($338,418) ($348,228) ($360,479) ($375,390) ($393,209) $15,873

 11 12 13 14 15 16
1 1 1 1 1 0
$2,638,688 $2,214,993 $1,744,692 $1,222,657 $643,199 $0
$713,951 $713,951 $713,951 $713,951 $713,951 $0
$290,256 $243,649 $191,916 $134,492 $70,752 $0

$423,695 $470,301 $522,035 $579,458 $643,199 $0

$2,214,993 $1,744,692 $1,222,657 $643,199 $0 $0

11 12 13 14 15 16
$0 $166,500 $333,000 $499,500 $666,000 $832,500
$166,500 $166,500 $166,500 $166,500 $166,500 $166,500
- - - - - -
- - - - - -
$166,500 $333,000 $499,500 $666,000 $832,500 $999,000

($166,500) ($157,343) ($148,185) ($139,028) ($129,870) ($120,713)

11 12 13 14 15 16
$1,080,493 $1,057,900 $1,036,156 $1,015,235 $995,114 $0
1.51 1.48 1.45 1.42 1.39 0.00

11 12 13 14 15 16
$694,631 $694,631 $694,631 $694,631 $694,631 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 ($694,631) $0
$694,631 $694,631 $694,631 $694,631 $0 $0

$38,205 $38,205 $38,205 $38,205 $38,205 $0

11 12 13 14 15 16
 3.28%
5.91% 5.90% 5.91% 5.90% 5.91% 2.95%
4.46% 4.46% 4.46% 4.46% 4.46% 4.46%

11 12 13 14 15 16
$160 $157 $154 $151 $148 0
7,278 7,223 7,169 7,115 7,062
$1,165,528 $1,133,651 $1,102,645 $1,072,488 $1,043,155
30 32 34 36 38 40

17 18 19 20 21 22

6,956 6,904 6,853 6,801 6,750 6,699

$89.0703 $91.2971 $93.5795 $95.9190 $98.3170 $100.7749

$0 $0 $0 $0 $0 $0
$619,615 $630,342 $641,255 $652,357 $663,651 $675,140
$619,615 $630,342 $641,255 $652,357 $663,651 $675,140

($186,512) ($190,242) ($194,047) ($197,928) ($201,887) ($205,924)

($111,555) ($102,398) ($93,240) ($84,083) ($166,500) ($157,343)
($186,512) ($190,242) ($194,047) ($197,928) ($201,887) ($205,924)
($164,734) ($168,029) ($171,390) ($174,817) ($178,314) ($181,880)
($649,314) ($650,911) ($652,724) ($654,756) ($748,587) ($751,071)

($29,699) ($20,569) ($11,469) ($2,400) ($84,937) ($75,931)

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

$2,673 $1,851 $1,032 $216 $7,644 $6,834

$9,459 $6,551 $3,653 $764 $27,052 $24,184
$12,132 $8,402 $4,685 $980 $34,697 $31,018

($17,567) ($12,167) ($6,784) ($1,419) ($50,240) ($44,913)

17 18 19 20 21 22

($29,699) ($20,569) ($11,469) ($2,400) ($84,937) ($75,931)

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
($29,699) ($20,569) ($11,469) ($2,400) ($84,937) ($75,931)
$2,673 $1,851 $1,032 $216 $7,644 $6,834

($29,699) ($20,569) ($11,469) ($2,400) ($84,937) ($75,931)

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$2,673 $1,851 $1,032 $216 $7,644 $6,834
($27,026) ($18,718) ($10,437) ($2,184) ($77,292) ($69,098)
$9,459 $6,551 $3,653 $764 $27,052 $24,184

$12,132 $8,402 $4,685 $980 $34,697 $31,018

 17 18 19 20 21 22
0 0 0 0 0 0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

17 18 19 20 21 22
$999,000 $1,165,500 $1,332,000 $1,498,500 $0 $166,500
$166,500 $166,500 $166,500 $166,500 $166,500 $166,500
- - - (1,665,000) - -
- - - - - -
$1,165,500 $1,332,000 $1,498,500 $0 $166,500 $333,000

($111,555) ($102,398) ($93,240) ($84,083) ($166,500) ($157,343)

17 18 19 20 21 22
$0 $0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00 0.00

17 18 19 20 21 22
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0

17 18 19 20 21 22
4.46% 4.46% 4.46% 4.46% 2.23%

17 18 19 20 21 22
0 0 0 0 0 0
 23 24 25 26 27 28 29

6,649 6,599 6,550 0 0 0 0

$103.2943 $105.8766 $108.5236 $0.0000 $0.0000 $0.0000 $0.0000

$0 $0 $0
$686,828 $698,719 $710,816 $0 $0 $0 $0
$686,828 $698,719 $710,816 $0 $0 $0 $0

($210,043) ($214,244) ($218,529) $0 $0 $0 $0

($148,185) ($139,028) $702,630 $0 $0 $0 $0
($210,043) ($214,244) ($218,529) $0 $0 $0 $0
($185,518) ($189,228) ($193,012) ($196,873) $0 $0 $0
($753,789) ($756,743) $72,560 ($196,873) $0 $0 $0

($66,960) ($58,024) $783,376 ($196,873) $0 $0 $0

$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0

$6,026 $5,222 ($70,504) $17,719 $0 $0 $0

$21,327 $18,481 ($249,505) $62,704 $0 $0 $0
$27,353 $23,703 ($320,009) $80,423 $0 $0 $0

($39,607) ($34,321) $463,367 ($116,450) $0 $0 $0

23 24 25 26 27 28 29

($66,960) ($58,024) $783,376 ($196,873) $0 $0 $0

$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
($66,960) ($58,024) $783,376 ($196,873) $0 $0 $0
$6,026 $5,222 ($70,504) $17,719 $0 $0 $0

($66,960) ($58,024) $783,376 ($196,873) $0 $0 $0

$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$6,026 $5,222 ($70,504) $17,719 $0 $0 $0
($60,934) ($52,802) $712,872 ($179,154) $0 $0 $0
$21,327 $18,481 ($249,505) $62,704 $0 $0 $0

$27,353 $23,703 ($320,009) $80,423 $0 $0 $0

23 24 25 26 27 28 29
0 0 0 0 0 0 0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0

23 24 25 26 27 28 29
$333,000 $499,500 $666,000 $0 $0 $0 $0
$166,500 $166,500 $166,500 $0 $0 $0 $0
- - - - - - -
- - (832,500) - - - -
$499,500 $666,000 $0 $0 $0 $0 $0

($148,185) ($139,028) $702,630 $0 $0 $0 $0

23 24 25 26 27 28 29
$0 $0 $0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00 0.00 0.00

23 24 25 26 27 28 29
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0

23 24 25 26 27 28 29
23 24 25 26 27 28 29
0 0 0
 30 31 32 33 34 35 36 37 38

0 0 0 0 0 0 0 0 0

$0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000

$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

30 31 32 33 34 35 36 37 38

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0
30 31 32 33 34 35 36 37 38
0 0 0 0 0 0 0 0 0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0

30 31 32 33 34 35 36 37 38
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
- - - - - - - - -
- - - - - - - - -
$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

30 31 32 33 34 35 36 37 38
$0 $0 $0 $0 $0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

30 31 32 33 34 35 36 37 38
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

30 31 32 33 34 35 36 37 38
30 31 32 33 34 35 36 37 38
 39 40 Levelized

0 0 Energy Production (MWh)

$0.0000 $0.0000 Cost of Generation ($/kWh)

$0 $0 Operating Revenue
$0 $0 Total Revenue

$0 $0 O&M Costs
$0 $0 Inverter Replacement Costs
 $0 $0 Insurance Costs
$0 $0
$0 $0 Total Costs

$0 $0 Operating Profit

$0 $0 Interest Expense
$0 $0 Loan Repayment Expense (Principal)
$0 $0 Debt Service Reserve
$0 $0 Interest earned on DSRF
$0 $0 Net Finance Costs

$0 $0 State tax refund/(paid)

$0 $0 Federal tax refund (paid)
$0 $0 Taxes Saved/(Paid)

Equity Investment

$0 $0 After-Tax Equity Cash Flow

39 40

$0 $0

$0 $0
$0 $0
$0 $0
$0 $0

$0 $0

$0 $0
$0 $0
$0 $0
$0 $0
$0 $0

$0 $0
39 40
0 0
$0 $0
$0 $0
$0 $0

$0 $0
$0 Err:504

39 40
$0 $0
$0 $0
- -
- -
$0 $0

$0 $0

39 40
$0 $0
0.00 0.00

39 40
$0 $0
$0 $0
$0 $0
$0 $0

$0 $0

39 40
39 40